SL Green Realty (SLG) Rating Increased to Buy at Stifel Nicolaus
Stifel Nicolaus upgraded shares of SL Green Realty (NYSE:SLG) from a hold rating to a buy rating in a research report sent to investors on Friday, Marketbeat.com reports. They currently have $111.00 price objective on the real estate investment trust’s stock, up from their prior price objective of $105.00.
SLG has been the subject of a number of other reports. BMO Capital Markets reaffirmed a buy rating and set a $125.00 target price on shares of SL Green Realty in a research report on Thursday, October 19th. Citigroup decreased their target price on SL Green Realty from $125.00 to $123.00 and set a buy rating for the company in a research report on Monday, October 23rd. Barclays decreased their target price on SL Green Realty from $111.00 to $105.00 and set an equal weight rating for the company in a research report on Wednesday, November 1st. Zacks Investment Research raised SL Green Realty from a sell rating to a hold rating in a research report on Tuesday, November 7th. Finally, BTIG Research raised SL Green Realty from a neutral rating to a buy rating in a research report on Tuesday, December 5th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and ten have given a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus price target of $114.83.
Shares of SL Green Realty (NYSE SLG) opened at $97.92 on Friday. The company has a current ratio of 0.11, a quick ratio of 0.11 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $9,481.66, a price-to-earnings ratio of 111.27, a price-to-earnings-growth ratio of 2.40 and a beta of 1.18. SL Green Realty has a 1 year low of $92.95 and a 1 year high of $115.34.
The business also recently declared a quarterly dividend, which was paid on Tuesday, January 16th. Stockholders of record on Tuesday, January 2nd were given a $0.8125 dividend. This represents a $3.25 annualized dividend and a dividend yield of 3.32%. This is a positive change from SL Green Realty’s previous quarterly dividend of $0.78. The ex-dividend date was Friday, December 29th. SL Green Realty’s payout ratio is presently 369.32%.
SL Green Realty declared that its board has approved a stock buyback program on Friday, December 1st that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the real estate investment trust to repurchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.
In related news, CEO Marc Holliday sold 160,000 shares of the company’s stock in a transaction dated Wednesday, December 20th. The stock was sold at an average price of $100.63, for a total transaction of $16,100,800.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director John S. Levy sold 6,000 shares of the company’s stock in a transaction dated Tuesday, December 12th. The shares were sold at an average price of $103.23, for a total value of $619,380.00. Following the transaction, the director now directly owns 21,827 shares in the company, valued at $2,253,201.21. The disclosure for this sale can be found here. Insiders own 3.09% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Capital Investment Counsel Inc acquired a new position in SL Green Realty during the 3rd quarter valued at about $213,000. Cubist Systematic Strategies LLC acquired a new position in SL Green Realty during the 3rd quarter valued at about $270,000. ING Groep NV acquired a new position in SL Green Realty during the 3rd quarter valued at about $350,000. Telos Capital Management Inc. acquired a new position in SL Green Realty during the 3rd quarter valued at about $402,000. Finally, Lourd Capital LLC acquired a new position in SL Green Realty during the 4th quarter valued at about $465,000.
About SL Green Realty
SL Green Realty Corp. is a self-managed real estate investment trust (REIT), with in-house capabilities in property management, acquisitions and dispositions, financing, development and redevelopment, construction and leasing. The Company operates through two segments: real estate, and debt and preferred equity investments.
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